KPI information acquisition by analysts: Evidence from conference calls

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE Journal of Business Finance & Accounting Pub Date : 2024-07-26 DOI:10.1111/jbfa.12822

Qi Rachel Tang, Alan Guoming Huang

引用次数: 0

Abstract

Investors are increasingly placing reliance on alternative performance measures (APMs). Key performance indicators (KPIs) are a subset of these APMs that illustrate industry‐specific firm financial and operational performance. In this study, we investigate analysts’ demand for KPI‐related information in earnings conference calls and whether managers adjust their decisions about voluntary KPI disclosure in subsequent earnings calls. Using 51 KPIs for six industries, we find that after analysts request KPI‐related information, managers increase both the likelihood and intensity of their KPI disclosure in subsequent earnings conference calls. This effect is more pronounced when the firm has less relevant earnings and lower proprietary costs, and when analysts are connected to management. Analyst KPI demand leads to a higher coverage of KPIs in subsequent news and generates benefits in analyst forecast dispersion, cost of capital and stock liquidity. Our study highlights the role that analysts play in voluntary KPI disclosure when there is an absence of mandatory integrated reporting.

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分析师获取 KPI 信息：电话会议的证据

投资者越来越依赖于替代性业绩衡量标准 (APM)。关键绩效指标 (KPI) 是这些 APMs 的一个子集，可以说明特定行业的公司财务和运营绩效。在本研究中，我们调查了分析师在财报电话会议中对 KPI 相关信息的需求，以及管理者是否会在随后的财报电话会议中调整其自愿披露 KPI 的决策。利用六个行业的 51 个关键绩效指标，我们发现，在分析师要求提供关键绩效指标相关信息后，管理者会增加在后续财报电话会议中披露关键绩效指标的可能性和力度。当公司的相关收益较少、专有成本较低，以及分析师与管理层有联系时，这种效应会更加明显。分析师对 KPI 的需求会导致后续新闻中对 KPI 的更多报道，并在分析师预测分散性、资本成本和股票流动性方面产生效益。我们的研究强调了在缺乏强制性综合报告的情况下，分析师在自愿性 KPI 披露中发挥的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

期刊介绍： Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.

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